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You've closed on the house, depleted some of your savings so what do you do next? Try these tips to build your money back up.

1. Don't Splurge! It's tempting to buy all kinds of new stuff for the house, but only spend what you have budgeted for it. Make a list of what you want to do, then as you rebuild your savings, you know what you will want to purchase next!

2. Rebuild your emergency savings! This is more important than redecorating! This should be your first priority. If you dipped into your reserves to buy the house, then you need to build it back up as quickly as possible to offset any unexpected expenses.

3. Automate your payments. Late payments are now even more damaging than ever before. Automating them insures that your payments are timely and that helps your credit score!

4. Keep good records. You'll need receipts and other documents at tax time.

5. If you home value drops, don't forget to appeal your tax rate. You can sign up for automated monthly updates on your general location with Market Snapshot.

Using these steps will help get your homeownership off on the right foot.

As the media would have us believe, the value of home ownership is over because of the decline in property values in several parts of the country. I don't know about you, but to me, home ownership is extremely valuable! My home is mine to do with as I please - decorate as I please, update it as I see fit. But I also consider it a very important part of my financial plan.

However, another part of my financial plan is owning rental property!! So, if the value of home ownership is over, then ownership of rental property must be high on everyone's list. People need a place to live, and if they can't own a house, then they have to rent someplace - and why not rent from me......or you!!

Rental property, property owned and managed, is a great way to create financial freedom or a nice retirement income. Call me today and I will show you how to do this. We will help find you a home that cash flows in the Greater Baton Rouge Real EstateMarket, give you the forms you need to interview prospective tenants, and in general, just show you the way. We love helping the first time investor learn the ropes. Don't delay! Call us today at 225-298-6900!!